Yes, it carries a (dramatically) lower price: $199 for the 8 GB iPhone, $299 for the 16 GB model.

No, it’s not immediately available, but you can get it in 22 countries starting July 11.

Microsoft Exchange and full enterprise support is enabled out of the box.
“Exchange for the rest of us” will be available through MobileMe and Me.com, the re-branding of .Mac.

Third-party applications and the App Store will be available in early July.
No, there does not appear to be an improved camera or video recording (including video chat) of any kind. There’s no Flash support. Or external storage slots.